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GOLD January 22, 2016

The bullishness continued on gold and the metal trades above 1100.00 –Fibonacci of 38.2%- which is a positive factor.

We are still targeting 1111.00 and 1118.00, which stopped yesterday’s upside actions, while a break 1119.00 will cause a strong upside wave.

On the downside, a break below 1080.00 will cause failure and preferable 1090.00 should hold.

Support: : 1101.00 – 1095.00 – 1090.00

Resistance: 1110.00 – 1119.00 – 1125.00

Direction: Bullish